Friday, February 3, 2023

These 6 banks will no longer charge commission from their ATMs

  • Some of the most relevant banking institutions in Mexico have formed an alliance to assist their customers.
  • In them, they stipulated that they do not charge commissions for withdrawals or balance inquiries from people affiliated with their banks.
  • We show you what they are, what this exercise is all about and what you’ll end up paying extra for.
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The vast majority of banks in Mexico charge a commission for withdrawing money from ATMs of which we are not customers or for asking questions.

However, due to the creation of MultiRed, this will no longer be the case in six banking institutions in the country, which will allow people to conduct banking operations without visiting the branches with which they have a contract.

We tell you what this new option has in store for account holders in Mexico.

What is Multinet about?

The MultiRed project is made up of HSBC; Scotiabank; banbaaziyo; Banreggio, Mifel and Inbersa.

Speaking of money, here are the number of ATMs each institution has, according to the site:

  • 1,918 from Scotiabank
  • 1,620 from HSBC
  • 718 banbajiyo
  • Inbarsa K666
  • 326 of Banerjeo
  • Mifel K104

Now, people who are customers of these banks can walk into any of their branches from this day onwards and do their transactions without any commission.

For example, if you have an O Banco card, which belongs to Banerjeo, you can go to an HSBC ATM and withdraw money without paying extra.

According to the newspaper El Universal, 3.2 million customers enter the program and will no longer pay 42 million pesos in commission.

How much commission used to be taken earlier?

Data from the National Commission for the Protection and Defense of Users of Financial Services (Condusef) from November 2022 shows that the commissions previously imposed by multirade banks were:

  • Scotiabank: 25 to 30 pesos to withdraw cash and 10 pesos to check your balance.
  • HSBC: Between 5 to 10.75 pesos to check your balance and 10 to 30.90 to withdraw money.
  • Banbajio: 20 pesos to withdraw cash and 7 pesos to check your balance.
  • Inbursa: 6 pesos to check your balance and 15 pesos to withdraw money.
  • Banregio: 15 to 25 pesos to withdraw cash and 5 to 7 pesos to check your balance.
  • Mifel: 5 to 10 pesos to check your balance and 23 pesos to withdraw money.

These banks will still charge you commission

According to Condusef and taking into account the members of Multired, the banks that will still charge commission are:

  • banjarsito
    • To withdraw cash: 16 pesos.
    • To know your balance: 6 pesos.
  • Wellness Bank
    • To withdraw cash: 10 pesos.
    • To know your balance: 5 pesos.
  • Banamex
    • To withdraw cash: 26.50 pesos.
    • To check your balance: 10 pesos.
  • BBVA
    • For cash withdrawal: 29.50 pesos.
    • To know your balance: 11 pesos.
  • Santander
    • To withdraw cash: 24 to 30 pesos.
    • To know your balance: 6 to 12 pesos.
  • others
    • To withdraw cash: 8.62 to 35 pesos.
    • To know your balance: 6 to 9 pesos.
  • Voice
    • For cash withdrawal: 30 pesos.
    • To know your balance: 12 pesos.
  • banorte
    • To withdraw cash: 27 to 30 pesos.
    • To check your balance: 10 pesos.
  • go for more
    • To withdraw cash: 20 pesos.
    • To check your balance: 10 pesos.
  • Azteca
    • To withdraw cash: 25.86 pesos.
    • To know your balance: 8.62 pesos.
  • autofin
    • To withdraw cash: 20 pesos.
    • To check your balance: 10 pesos.
  • Famsa
    • To withdraw cash: 22 to 30 pesos.
    • To check your balance: 10 pesos.
  • multiva
    • To withdraw cash: 25 to 40 pesos.
    • To check your balance: 10 pesos.
  • interbank
    • To withdraw cash: 15 to 30 pesos.
    • To know your balance: 7 pesos.
  • bankopel
    • To withdraw cash: 15.52 pesos.
    • To know your balance: 7.59 pesos.
  • ABC Capital
    • To withdraw cash: 4.31 pesos.
    • To check your balance: 12.93 pesos.
  • Sibanko
    • To withdraw cash: 15 to 25 pesos.
    • To check your balance: 3.25 to 6.50 pesos.
  • Buncool
    • For cash withdrawal: 30 pesos.
    • To know your balance: 12 pesos.
  • Bankria
    • To withdraw cash: 20 pesos.
    • To know your balance: 7 pesos.

now read: 3 types of digital frauds that increase during discount season

Read also: These are the two most frequent financial frauds in Mexico, according to ConduSafe

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